PPG Acquires Paint Stores Network in Central America
By Business Wire News
PPG Industries (NYSE:PPG) today announced that it has acquired Consorcio Latinoamericano, which operates a network of 57 paint stores in Central America. Financial terms were not disclosed.
“This acquisition expands PPG’s operations in the growing Central American region,” said Michael McGarry, PPG president and chief operating officer. “The purchase enables PPG to leverage an extended stores network to grow the GLIDDEN® brand in Panama and offer additional PPG products to customers throughout the region.”
With this acquisition, PPG will operate 87 company-owned stores across Belize, El Salvador, Guatemala, Honduras, Costa Rica, Nicaragua and Panama. PPG plans to brand stores in Panama with the Glidden brand, which is well recognized in the region, and offer products from its protective and marine coatings business in stores throughout Central America. Consorcio Latinoamericano operated as a concessionaire network for PPG-Comex, the company’s architectural paint and coatings business in Mexico and Central America. PPG completed its acquisition of Comex in November.
PPG: BRINGING INNOVATION TO THE SURFACE.™
PPG Industries’ vision is to be the world’s leading coatings company by consistently delivering high-quality, innovative and sustainable solutions that customers trust to protect and beautify their products and surroundings. Through leadership in innovation, sustainability and color, PPG provides added value to customers in construction, consumer products, industrial and transportation markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Reported net sales in 2014 were $15.4 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com and follow @PPGIndustries on Twitter.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. The forward-looking statements contained herein include statements relating to the expected benefits of the Consorcio Latinoamericano acquisition. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including the failure to achieve the expected benefits of the acquisition and the other risks and uncertainties discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and PPG Industries does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc.
Glidden is a registered trademark of the PPG Group of Companies.